Obesity drugs pose a threat to food companies

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As obesity drugs help people eat less, these food companies could be the biggest losers

The growing popularity and use of anti-obesity medications will have far-reaching implications for the food industry, and companies may have to adapt their product choices to address changing consumer behavior.

A team of 17 Morgan Stanley analysts worked on the report, which forecasts that the pool of patients taking an anti-obesity medication, or AOM, will grow nearly fivefold over the next 10 years to 24 million people, or nearly 7% of the overall U.S. population.Read now: As Ozempic/Wegovy frenzy continues, Morgan Stanley lifts forecasts for weight-loss drugs to $77 billion

The drugs are administered by injection weekly and mimic the effects of GLP-1, a gut hormone that can help control blood-sugar levels and reduce appetite. GLP stands for glucagon-like peptide. That is expected to lead to a great scaling back of demand for foods that are high in sugar or fats, a range that includes confections, baked goods, salty snacks, sugary drinks and alcohol.

“Companies with a weight management/better-for-you portfolio appear best positioned , while we can see greater negative impacts on snacking/confections companies , heightening the need to continue reshaping their portfolios toward better-for-you categories,” it said. “Constellation Brands, Boston Beer, Molson Coors are most exposed, in our view. Net, we see AOM risk as manageable, with other factors more important in driving long-term topline growth,” said the report.

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